HC Deb 06 December 1933 vol 283 cc1646-7W

asked the Minister of Labour if he will publish a White Paper showing the present debt of the Unemployment Insurance Fund; and at what dates and in respect of what classes of beneficiaries it was incurred?


The debt of the Unemployment Fund at 30th November, 1933, amounted to £112,330,000. Borrowing in respect of the fund commenced in July, 1921, and the amount of debt outstanding at the end of each financial year since that date was as follows:

Debt outstanding at end of Year.
Financial Year. £
1921–22 13,950,000
1922–23 16,840,000
1923–24 10,450,000
1924–25 7,430,000
1925–26 7,177,569
1926–27 24,710,000
1927–28 24,530,000
1928–29 35,960,000
1929–30 38,950,000
1930–31 75,390,000
1931–32 115,000,000
1932–33 115,000,000

In the case of benefit years commencing after March, 1929, the cost (including administration) of transitional benefit and transitional payments accruing in those years was repaid to the Unemployment Fund by the Exchequer and the amount thus refunded up to the end of October, 1933, was £141,000,000. Advances to the fund ceased on 31st March, 1932, when the statutory limit of borrowing powers of £115,000,000 was reached. On and from that date any deficiency of the fund on insurance account (apart from the debt of £115,000,000) has been met by deficiency grant payable by the Exchequer. During 1933-34 the excess of receipts over payments on insurance account has enabled a commencement to be made in repaying debt and, up to the end of November, 1933, £2,670,000 has been so repaid. The debt has been incurred in respect of the excess of the total outgoings over the total income of the fund, and not in respect of any particular classes of beneficiaries.

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